Corporate treasurers should leave labour-intensive spreadsheets alone and release release time for more strategic activities. It’s time to cut the apron strings, argues Kyriba director Tim Wheatcroft.
Despite the widespread availability of dedicated tools, spreadsheets remain a fixture in many corporate treasury departments. Yet failing to automate essential activity such as cash management and forecasting could not only limit productivity, it also reduces the strategic analysis and input they can provide.
Earlier this year, Kyriba surveyed more than 250 members of the Association of Corporate Treasurers (ACT). The research explored key issues for the modern treasury department: how they work, how they interact with the rest of their organisation and how their roles are evolving within the changing regulatory and economic environment. The survey also looked at what tools treasury teams use and how they affect productivity and the type of activities treasurers undertake.
Overall, the survey found that almost 40% of companies rely on spreadsheets to manage their cash position and forecasting. This figure rose significantly for smaller enterprises (with revenues of up to £100m) of which 48% rely on Excel. Yet, even among much larger companies turning over £1bn-£10bn, a fifth of treasury teams still use spreadsheets, as do one in nine treasury teams in £10bn+ companies.
This high rate of spreadsheet use...
Tim Wheatcroft is a director of Kyriba, a leading provider of cloud-based treasury solutions.